Erik Voorhees thinks the high-profile collapse of the crypto exchange FTX further demonstrates the virtues of decentralized finance (DeFi).
In a new blog post, the crypto veteran argues that DeFi has already solved “the problem of trust” in financial markets.
“Isn’t that wonderful? With DeFi, financial transactions are transparent, not just to government regulators, but transparent for the entire public to see and learn from (or is that not good when the public can know things, too?).
With DeFi, accounts are transparent. Transfers are transparent. Trades and even complex financial derivatives are transparent. Balances are proven cryptographically. The code that executes these transactions is open-source, anyone can review it or suggest changes!”
Voorhees says the “opaque fraud” that brought down FTX could never happen in